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Thunderball Investments Ltd on Friday said its takeover offer for Lamprell PLC has become unconditional after it said it bought enough shares to get its stake in the company to over 50%.
‘Thunderball is pleased to announce that it has received sufficient acceptances to satisfy the acceptance condition,’ it stated.
The consortium, owned by Blofeld Investment Management Ltd and AlGihaz Holding Closed Joint-Stock Company, as of Friday had a stake of 45.2%.
As it bought another 4.8% stake in Lamprell on Friday, it will own 50% in the United Arab Emirates-based provider of oil field services, once the transaction is complete.
Thunderball's formal takeover offer from July for Lamprell values the company at 9 pence per share, which Thunderball in July said valued Lamprell at £38.8 million.
Lamprell started considering a sale in June due to its liquidity position and funding requirements of $75 million.
Lamprell shares jumped 9.7% to 8.80 pence on Friday morning in London.
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